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Hold the bag

... the main result of counterfeiting which is
eventually discovered is to bilk the person caught “holding the
bag” ...

From Walter Block's Defending the Undefendable.

Now, the UsingEnglish dictionary of idioms defines 'hold the bag' as 'to be responsible for', while some other dictionaries add 'suffer losses', 'be duped' or even 'be assigned blame'. Which is more to the point in the above quote? Is it a widely-used expression or would it 'date' you if you use it in your everyday speech?

Re: Hold the bag

... the main result of counterfeiting which is eventually discovered is to bilk the person caught “holding the bag” ...

I think the meaning here is that when a counterfeiting operation is discovered, the person who is most likely to lose out is the innocent one left with the fake money at the end. The previous passers of the money, going back to the original counterfeiters, will have all made their profits and disappeared.

Re: Hold the bag

Thanx everyone!
The meaning of the sentence (given the context) is absolutely clear, but it throws little light on the meaning of the idiom. I think I'll opt for Route21's suggestion that 'it could mean whatever the user intends it to mean at the time'. SUCH a useful idiom!